Impax Environmental Markets plc (the "Company")

Board and committee structure updates

24 June 2026

Further to the Company's announcement on 17 June 2026 conforming the election of the new Board of Directors of the Company, the Board is pleased to provide the following updates on the composition and committee structure of the Board and information required to be disclosed in accordance with UKLR 6.4.8R.

Chair and committee structure

Chair

The Board is pleased to confirm that Caroline Bault has been appointed as the Chair of the Board.

Committee structure

The Board intends to maintain the Company's existing committee structure for the time being. Each of the committees will be comprised of all members of the Board.

The Audit Committee will be chaired by Steven Grey

The Management and Engagement Committee will be chaired by Aaron Morris, who will also be appointed as the Senior Independent Director.

The Nominations Committee, Remuneration Committee and the Sustainability Reporting Committee will be chaired by Jason Chen.

Board independence

The Board confirms that it considers that each of the Directors to be independent within the meaning of the AIC Corporate Governance Code and also independent of Saba Capital, the Company's largest shareholder.

Director biographies

Caroline Bault

Caroline Bault is the Managing Partner at CounselRock Partners, a London-based multi-asset investment advisory practice. She has 30 years' experience in financial services and capital markets, ranging from equity research to investment banking and asset allocation. Her prior roles include Managing Director of Global Business Development at CAIA, Head of European Research at Commerzbank, and Executive Director at Goldman Sachs International.

She is currently a Non-executive Director and Remuneration Committee Chair of FidBank UK, and a Non-executive Director of social impact investment platform Ethex. Former board roles include British Business Investments/British Business Bank, the Natural Environment Research Council (NERC-UKRI), Tribe Technology plc and healthcare consultancy Lexica. She is also a Chartered Alternative Investment Analyst (CAIA) and a member of the CFA Institute.

Steven Grey

Steven Grey is the founder and managing principal of Grey Value Management, LLC, a privately held investment entity that oversees the Grey Value Opportunity Fund. Prior to launching the Fund, Steven served as the Chief Investment Officer of a private, family-controlled investment entity based in Alexandria, Virginia. Prior to that he was Managing Director of Risk at Albright Capital Management (ACM), a firm he helped to launch with former Secretary of State, Madeleine Albright, and  prior to that he co-managed an event-driven hedge fund based in New York.

Steven graduated from Columbia University's Graduate School of Business (MBA) in 1997, the Tulane University School of Law (JD) in 1995, and the University of Texas at Austin (BA - Honors) in 1990. He studied law in both the US and Japan, has testified as an expert witness in commercial securities litigation and at the request of the US Department of Justice and the US Securities and Exchange Commission in criminal securities proceedings.

He is also a member of the Investor Advisory Group (IAG) of the Public Company Accounting Oversight Board (PCAOB) which oversees the audits of US-listed public companies. Grey Value Management is a member of the International Corporate Governance Network (ICGN). Steven is also a trained first responder and holds the rank of Flotilla Commander in the United States Coast Guard Auxiliary, where he has been a member in good standing for over 10 years.

Jason Chen

Jason Chen is a private investor with over 20 years' experience in portfolio management and securities selection. He was most recently the Chief Investment Officer of Bromma Asset Management, an alternative asset manager based in Toronto, Canada. In prior years, he was a Portfolio Manager at Sprott Asset Management and a Research Analyst at Cormark Securities. He is a CFA Charterholder, and holds an MBA from the Rotman School of Management, University of Toronto, a MSc in Electrical Engineering from Stanford University, and a BASc in Electrical Engineering from the University of Waterloo. 

Aaron Morris

Aaron Morris is an attorney and a founder of Morris Kandinov LLP, a litigation boutique focused on the financial markets. His practice spans a range of disputes involving investment companies, fund directors, public companies, and special purpose acquisition companies. Prior to him founding the firm, he practiced in the Boston office of Skadden, Arps, Slate, Meagher & Flom LLP. He holds a BA from Indiana University and a JD from Boston College Law School, and serves on the advisory board of The Club at Spruce Peak, a ski and golf club in Stowe, Vermont.

There is no further information required to be disclosed in relation to the Directors by UKLR 6.4.8R.

Caroline Bault, Chair commented, "I am delighted to have been chosen to chair the board of directors of Impax Environmental Markets plc. We are completing our induction process and look forward to meeting shareholders, gaining a deeper understanding of the Company's portfolio, and improving governance and decision-making as we look to the Company's future."

For any enquiries, please contact:

Winterflood Securities Limited

Joe Winkley / Neil Morgan / Rose Ramsden

Tel: +44 (0)20 3100 0000

Juniper Partners Limited (Company Secretary)

[email protected]

Tel 0131 378 0500

Legal Entity Identifier: 213800RAR6ZDJLZDND86